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. >> all right, hampton. thank you very much. >>> the finance.yahoo.com poll puts you in the shoes of a member of congress. how would you handle the fiscal cliff? go vote finance.yahoo.com. the results are coming up. there you see your options. michelle. >>> tyler, one of cnbc's best known traders making a very bold call. get out of everything, everything, all cash. get the take of other -- two other wall street trading pros in two minutes. see if they agree. >>> hi. i'm steven yee. i'm the operating partner of the exchange bar and grill. i'm annoyed. i'm annoyed with the fiscal cliff. we're looking at not knowing what's going to happen. we fall off this cliff and everyone gets affected. there's no trickle down effect, it's more like a slush. we will lose income. the question is how much income are we going to lose? if we fall off the cliff the fear is that we fall off the cliff, not slowly glide down the cliff. government at this point needs to understand that we should be able to trust you to do the right t
. >> all right, hampton. thank you very much. >>> the finance.yahoo.com poll puts you in the shoes of a member of congress. how would you handle the fiscal cliff? go vote finance.yahoo.com. the results are coming up. there you see your options. michelle. >>> tyler, one of cnbc's best known traders making a very bold call. get out of everything, everything, all cash. get the take of other -- two other wall street trading pros in two minutes. see if they agree....
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the president plans to pop another tax proposal on congress, but will it pass? the clack is ticking. latest ahead. >>> so what would a cliff jump really mean for american business? you will hear directly as we reconvene our exclusive small biz all-star panel. >>> plus, call it the retail hu "hunger games." three companies that may not survive. >>> predictions 2013. big calls for the new year, mandy. >>> bring it on. the s&p 500 is on track for a fifth straight decline. some of the hope does seem to be coming out of the market of late for a deal. of course, there could still be time. nonetheless, what we have seen is a drop of 1.3% so far this week. indead, the s&p's longest losing streak in three months. even the good news on home sales. not helping the three major averages which are on pace for their biggest weekly drop in six weeks. keep in mind, many investors are still away for the holiday shortened week. volume is light. that does tend to exacerbate market swings. let's get down to the trading floor. all kinds of news and reaction to hopes for some kind of
the president plans to pop another tax proposal on congress, but will it pass? the clack is ticking. latest ahead. >>> so what would a cliff jump really mean for american business? you will hear directly as we reconvene our exclusive small biz all-star panel. >>> plus, call it the retail hu "hunger games." three companies that may not survive. >>> predictions 2013. big calls for the new year, mandy. >>> bring it on. the s&p 500 is on track for a...
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i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. >>> well, we have just wrapped up the worst five-day run for the three major averages in six weeks on perceived lack of action and lack of progress from the white house. let's get back to eamon javers who is in front of the white house, and i believe you have a little bit more information us about the fiscal cliff meeting that just broke up between the president and congressional leaders and that there were some disappointed reporter
i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their...
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just two hours before a key meeting at the white house, to members of congress for what it would take for them to sign off on a package to avert the fiscal cliff. >>> from shopping season to returns season. i've been doing a little bit of that. we'll show you why returns are expected to jump by more than 30% this year. the one thing, the one thing that could derail the social media powerhouses in 2013. find out what it is today on "power." meantime, "halftime report" returns after this. [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪ >>> welcome back. all eyes have been on the yen as it's been sinking versus the dollar hitting a fresh two-year low just today. lets gait your money in motion trade now. boris joins us from b.k. asset management. >> good to be with you. >> everybody in their brother it seems is getting on this train. >> yes. >> it
just two hours before a key meeting at the white house, to members of congress for what it would take for them to sign off on a package to avert the fiscal cliff. >>> from shopping season to returns season. i've been doing a little bit of that. we'll show you why returns are expected to jump by more than 30% this year. the one thing, the one thing that could derail the social media powerhouses in 2013. find out what it is today on "power." meantime, "halftime...
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russia and the white house has played a tightrope promoting trade and also saying they promote human rights and you cannot go on like this forever. >> i know he's had different titles and he's running the country. >> he's the boss. is he a thug? to me he looks like a thug. >> he's a very tough guy and those who don't go along with him have to go a long way and the u.s. is seen as someone who won't go along with the plan and thus becoming increasingly the enemy and his own support is diminishing and they largely support the magnitsky bill and it's in the provinces where the nationalistic moore support is increasing the base that he needs to keep onboard and that's another reason why he's acting the way he did on this bill. >> we appreciate it. ? thank you. >> europe's fiscal woes dominated the american markets most of the year. >> the fragile european economy not out of the woods just yet. here is jimmy pathakukas of the institute. it was "barron's" just this week. this is the year to invest in europe. do you disagree with that or can the two work together? >> well, you know, they say the un
russia and the white house has played a tightrope promoting trade and also saying they promote human rights and you cannot go on like this forever. >> i know he's had different titles and he's running the country. >> he's the boss. is he a thug? to me he looks like a thug. >> he's a very tough guy and those who don't go along with him have to go a long way and the u.s. is seen as someone who won't go along with the plan and thus becoming increasingly the enemy and his own...
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that sounds about right to me, assuming that that scenario is how things play out. what sort of impact medium term do you think this is going to have on consumer and corporate confidence in america, given that the fiscal cliff is clearly weighed heavily on both of those in recent months? >> the sad thing, you know, from an observer's standpoint here is that there isn't much corporate or consumer confidence in the american government. and it's proved itself dysfunctional time and again over the last couple of years. what you hear now is not how people believe that there's going to be some last-minute deal, but how they remember the times that the t.a.r.p. bill, the fiscal bailout a few years ago failed on the house floor, how they remember each of the times that some big deal got down to pretend that members of congress and the president were dealing with the budget issues. i don't think there's much confidence at all. so, yes, there would be damage to consumer and corporate confidence in the american government system, but i'm not sure how much more damage can be do
that sounds about right to me, assuming that that scenario is how things play out. what sort of impact medium term do you think this is going to have on consumer and corporate confidence in america, given that the fiscal cliff is clearly weighed heavily on both of those in recent months? >> the sad thing, you know, from an observer's standpoint here is that there isn't much corporate or consumer confidence in the american government. and it's proved itself dysfunctional time and again...
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>> if we fail, the country fails, right? this is a group that is bringing together many outside voices. we have 2,500 small business leaders and 3,000 citizens across the country, leading ceos, partners, former members of congress who are all coming together and saying, this is an issue that we know has to be dealt with and that we have to put aside our partisan differences, we have to put aside the special interests, and work on this. and if we go over the fiscal cliff, we'll have to continue to help members of congress come together and solve this problem. because, again, these are changes that will be made. the question is, are they going to be made on our own terms, or because they're forced upon us, which would be a much, much more damaging way to make changes to our country and to stabilize the deficit and debt, to help grow the economy in the longer term. so we have to keep working on this. it's one of the biggest economic challenges facing the country. >> absolutely. and the longer time goes on, the more we know just
>> if we fail, the country fails, right? this is a group that is bringing together many outside voices. we have 2,500 small business leaders and 3,000 citizens across the country, leading ceos, partners, former members of congress who are all coming together and saying, this is an issue that we know has to be dealt with and that we have to put aside our partisan differences, we have to put aside the special interests, and work on this. and if we go over the fiscal cliff, we'll have to...
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four top leaders, four top ranking members in congress meeting with the president right now. we've got some details from our chief white house correspondent jessica yellin who said moments ago that the president is meeting with timothy geithner. the president has asked to raise taxes on those making $250,000 or more. and if the other side does not have a counter proposal, then he will is ask for an up or down vote in the house and senate. there you go. as soon as they come out, they will step up to the microphones and you will get it right here on cnn. you will be the first to know. >>> if you were putting together a list of the top 2012 moments, there were compelling moments inside and outside the campaign that made indelible marks. here are the top ten from our chief correspondent candy crowley. >> reporter: it's like finding your favorite grain of sand on the beach. there are moments when catch phrases become boomerangs. >> if you've got a business, you didn't build that. >> i like being able to fire people that provide services to me. >> reporter: when a woman took the sp
four top leaders, four top ranking members in congress meeting with the president right now. we've got some details from our chief white house correspondent jessica yellin who said moments ago that the president is meeting with timothy geithner. the president has asked to raise taxes on those making $250,000 or more. and if the other side does not have a counter proposal, then he will is ask for an up or down vote in the house and senate. there you go. as soon as they come out, they will step...
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>> right, there are a couple deadli deadlines actually coming up. january 2nd is the last day of the current congress. any bill that's been submitted, especially the bills that have been passed, the deal with the fiscal cliff, those bills would be worthless. they would go into paper and everything would have to start from scratch. the new congress would have to start a bill and start the process from the beginning. now there are some tricks that congress has to try to speed things up when it wants to. so to some degree, it's not that big of a deal. if there was a deal in the offing, january 3rd, enough votes for it, they could get around the hurdles. but i'm glad you brought up the deadlines because another one is tomorrow. unemployment benefits run out tomorrow for 1 million people. not true. the unemployment portion of the fiscal cliff actually hits us tomorrow. and that's when 1 million people are estimated to see unemployment benefits run out. and tomorrow is also the day that the house will return. i know we said that democrats shamed the house
>> right, there are a couple deadli deadlines actually coming up. january 2nd is the last day of the current congress. any bill that's been submitted, especially the bills that have been passed, the deal with the fiscal cliff, those bills would be worthless. they would go into paper and everything would have to start from scratch. the new congress would have to start a bill and start the process from the beginning. now there are some tricks that congress has to try to speed things up when...
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fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreement isn't reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up-or-down vote, one that protects the middle class from an income tax hike, extends the vital lifeline of unemployment insurance to 2 million americans looking for a job and lays the groundwork for future cooperation on more economic growth and deficit reduction. guys, i can hear you over here. i believe such a proposal could pass both houses with bipartisan majorities, as long as those leaders actually allow it to come to a vote. if members of the house or the senate want to vote no, they can. but we
fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreement isn't reached in time between senator reid and senator mcconnell, then i...
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do you believe it's going to be all right? >> well you know, i have to have faith. i have to believe that the senators in congress, people understand that these are real people who are unemployed, that you know, they're making decisions on people's lives. it's just not a number. it's not just 2 million people. there are 2 million families and even those people who have not found a job that doesn't even report to the unemployment that they do not have a job, so it's many people unemployed and jobs are very hard to come by. >> karen, i'm going to have on some leadership, members of the leadership from washington in a moment and i want to you just speak to them, what do you want them to know before this meeting at the white house today? just tell them your appeal to come to some kind of deal so that your benefits don't run out. >> you want me to -- >> yes tell me what you would say to them. >> i'm sorry. i would ask them to please, come together and make a decision, a decision is needed, put all the personal, personalities aside and step up and make a decision. it's no
do you believe it's going to be all right? >> well you know, i have to have faith. i have to believe that the senators in congress, people understand that these are real people who are unemployed, that you know, they're making decisions on people's lives. it's just not a number. it's not just 2 million people. there are 2 million families and even those people who have not found a job that doesn't even report to the unemployment that they do not have a job, so it's many people unemployed...
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officers in every single school in this pace in. >> all right. i know you are taking different sides on this kind of issue. wane la pierre held about the weirdest press conference i have ever seen. it wasn't actually a press conference, because he didn't take questions. keane didn't make a correction. la pierre called on congress to appropriate money to put armed guards in schools immediately before students got back from holidays. now, before any debate on regulation or gun control. that was a ridiculous statement, and keane is backing off. >> 100,000 schools. here is the deal. i think as interviews with the gentleman in utah, this conversation in the wake of newtown is incredibly emotion. we seek answers and solutions on how to fix something that might be inherently unfixable. we're talking about putting armed guards in schools, arming teachers, banning guns that were involved in the shooting. we have to take into account a larger content. mass shootings down, victims are down, statistics across the board over wide range of times suggests this
officers in every single school in this pace in. >> all right. i know you are taking different sides on this kind of issue. wane la pierre held about the weirdest press conference i have ever seen. it wasn't actually a press conference, because he didn't take questions. keane didn't make a correction. la pierre called on congress to appropriate money to put armed guards in schools immediately before students got back from holidays. now, before any debate on regulation or gun control. that...
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congress can prevent it if they act right now. i had a good discussion about how to prevent the tax hike on the middle class. we may reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. agreement is not reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up or down vote to protect the middle class from an income tax hike, provide a lifeline of unemployment insurance, and lays the groundwork for future cooperation on more economic growth and deficit reduction. i believe such a proposal could pass both houses as long as those leaders allow it to come to a vote. if members of the house or senate want to vote no, they can, but we shall let everybody vote. that is the way this is supposed to work. if you can get a majority in the house and senate, we should be able to pass the bill. the american people are watching what we do. their patience is already thin. all overeja vu again.
congress can prevent it if they act right now. i had a good discussion about how to prevent the tax hike on the middle class. we may reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. agreement is not reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up or down vote to protect the middle class from an income tax hike, provide a...
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it is important congress has its voice heard. i did not presume to know we were right. i did know there had to be some alternative evidence. we had a chance to look closely to unmanned area vehicles. it seemed this could be a pathway to revolution. it would not have happened, had congress not insisted the air force and d.o.d. pay attention. >> we could probably offer some examples from the other direction, so let me understand how does the public get best served with the competing forces that all want their program to continue? >> it is a big part of our job. it is an appropriators responsibility to be involved in that fight. it involves both oversight and insisting money be spent well. i must say it comes to mind that one of the first projects i was ever involved in, a young person dropped a ping-pong ball on his back window during the 1938 flood. the ball hit the water and floated out the back fence. many years later, and earmarked back here that led to the project, that sort of dam ensures that area will never flood again. that work is very important. money can be us
it is important congress has its voice heard. i did not presume to know we were right. i did know there had to be some alternative evidence. we had a chance to look closely to unmanned area vehicles. it seemed this could be a pathway to revolution. it would not have happened, had congress not insisted the air force and d.o.d. pay attention. >> we could probably offer some examples from the other direction, so let me understand how does the public get best served with the competing forces...
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should congress? provide tax congress is that part of the problem you're right about in your book? guest: the tax breaks are supposed to assist some ownership. actually, they benefit mainly wealthy people. you have to pretty much to earn more than $55,000 per year. more than the median income, to be able to declare the tax break. the wealthy people who would already be buying a home anyway would get the tax break. i don't think it assists home ownership. it adds to% or 3% to home ownership rates. if we get rid of the mortgage interest deduction. at the same time, the state and local areas that do land-use restrictions got rid of their land use restrictions, we would see much higher ho homeownership rates. host: what about second homes? guest: same thing. land-use restrictions are restricting second homes. if we had less land-use restrictions, we would see more second homes. host: back to the book -- guest: that's right. it is erroneous to say that we had a housing bubble. instead we had many housing bubbles. the housing bubble sat almost perfectly correlated with the state and loca
should congress? provide tax congress is that part of the problem you're right about in your book? guest: the tax breaks are supposed to assist some ownership. actually, they benefit mainly wealthy people. you have to pretty much to earn more than $55,000 per year. more than the median income, to be able to declare the tax break. the wealthy people who would already be buying a home anyway would get the tax break. i don't think it assists home ownership. it adds to% or 3% to home ownership...
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congress? wait a minute, they are experts in popularity. believe me, they know popularity. if they did not, they would not be where they are. this document gives the same rights and protections exactly to the least popular person in the united states as to the most popular. you're not going to get them to do it. that leaves the judges. if you read 78, it is not that he thought the judges were wonderful. he thought that was the best choice available. we will give them the power. who are they? we do not know. perfect. wonderful. they are egomaniacs yet. -- they are not egomaniacs yet. they did not have the power of the purse and i do not have the power of the sword. wonderful. we give them to the power to declare what others are doing are contrary to the constitution. it then takes a long time, close to 200 years, before that power becomes effective. the thing is to study the history of slavery and segregation. why? it's so tempting to say, the united states is the child of the french enlightenment. read what he writes. it is in many respects but not in light of slavery. he c
congress? wait a minute, they are experts in popularity. believe me, they know popularity. if they did not, they would not be where they are. this document gives the same rights and protections exactly to the least popular person in the united states as to the most popular. you're not going to get them to do it. that leaves the judges. if you read 78, it is not that he thought the judges were wonderful. he thought that was the best choice available. we will give them the power. who are they? we...
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if congress is going to be able to deal with these tax cuts right after january 1, what is the holdup with dealing with them right before generate one? -- before january 1? why is it? >> you are asking about something that may happen later today, but for over a month both of us have been trying to get us to pivot away from this issue and deal with it. also, to begin deal with the issue that our nation faces which is entitled reforms. whether it happens before, which is more responsible, or after january 1, it is going to happen. i do not think the market is responding to that. i think the market -- and i am only a lowly senator -- but i think the market is going to respond more negatively to a situation where we kick the can down the road and we really do not address the structural fiscal issues that this nation has picked it is an ebb and flow, but if we in fact do not use this period of time before us right now to deal with the issues of entitlements, i think the market will respond in a more permanent and negative way to our inaction. >> both have been involved in two years of nego
if congress is going to be able to deal with these tax cuts right after january 1, what is the holdup with dealing with them right before generate one? -- before january 1? why is it? >> you are asking about something that may happen later today, but for over a month both of us have been trying to get us to pivot away from this issue and deal with it. also, to begin deal with the issue that our nation faces which is entitled reforms. whether it happens before, which is more responsible,...
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the senator from oregon is right, every member of congress doesn't have that highly trained, top-secret staff member, and there are reasons for that, there are reasons why the intelligence committee members do have those types of staffers. and those staffers are available at any time for discussion of this issue or for that matter, any other issue relative to national security that's within the purview of the intelligence committee. so i again say that this amendment is simply totally unnecessary because there are specific and direct prohibitions in the law as well as in court decisions that do not allow our respective intelligence community agencies to listen in or review emails or whatever on u.s. citizens unless it's under some sort of court order where probable cause must be shown. and we need to make sure that we're equipping our intelligence community agents with every single tool necessary to combat terrorists around the world. this section is critical to doing that. i urge a vote against the amendment. the presiding officer: the senator from california. is there a sufficient sec
the senator from oregon is right, every member of congress doesn't have that highly trained, top-secret staff member, and there are reasons for that, there are reasons why the intelligence committee members do have those types of staffers. and those staffers are available at any time for discussion of this issue or for that matter, any other issue relative to national security that's within the purview of the intelligence committee. so i again say that this amendment is simply totally...
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you say congress is going to be able to deal with these tax cuts right after january 1st. >> i think that we will see more. you are asking about something that may have been leader today. but for over a month, both of us have been trying to put it away from this issue to deal with it but also to begin dealing with the real nation to leave the problem the nation faces which is entitlement reforms. what happened before which is more responsible or after january 1st is going to happen. i don't think the market is actually responding to that. i think the markets is actually going to respond more negatively to the situation we kick the can down the road and we really don't address the structural fiscal issues the nation has. it's going to have been slow but if in fact we do not use this period of time before right now to deal with the bigger issues of entitlement and if we just continue to kick the can down the road with these half measures the market is going to respond any more negative way to our inaction. >> the two years of negotiations with a member of the of their party about the i
you say congress is going to be able to deal with these tax cuts right after january 1st. >> i think that we will see more. you are asking about something that may have been leader today. but for over a month, both of us have been trying to put it away from this issue to deal with it but also to begin dealing with the real nation to leave the problem the nation faces which is entitlement reforms. what happened before which is more responsible or after january 1st is going to happen. i...
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after that congressman john lewis on the civil-rights activist work in the 1960s and later congressional scholar thomas mann and norman ornsetein in their partnership in congress. >> author edward klein joined booktv at freedom fest to talk about his new york times best selling book "the amateur". he looks critically at president obama before and after he reached the white house. here is what he had to say. >> the book currently on your screen has spent several weeks on the new york times best-seller list, many weeks at number one. "the amateur" has been written by edward klein who is our guest, booktv on c-span2. where did you get a title for this book? >> guest: it came from a meeting bill clinton had in chapel:00, new york, north of new york city where he has a home. this was back in august of 2011. his wife, his daughter and a bunch of friends to meet with him because he had news. he had done a secret poll in 2011 and polls showed if hillary clinton would challenge barack obama for the democratic presidential nomination in 2012, he thought she could win. she was surprised by all this
after that congressman john lewis on the civil-rights activist work in the 1960s and later congressional scholar thomas mann and norman ornsetein in their partnership in congress. >> author edward klein joined booktv at freedom fest to talk about his new york times best selling book "the amateur". he looks critically at president obama before and after he reached the white house. here is what he had to say. >> the book currently on your screen has spent several weeks on...
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after that, congressman john lewis and the work of the civil rights activist in the 1960s. and thomas mann and norm ornstein on their book of partisanship in congress. >> the tension builds in one of the things that happens during that time is that a soviet submarine is found by american ships. and there are charges on a soviet submarine. a knock out the electrical system. the carbon dioxide is rising. people are passing out inside the submarine. they have no communication with the commander. the commander loads the torpedo, the war started already in the war is starting. they want to launch the nuclear torpedo. fortunately, one of the other commanders on the ship from a lower rank talked him out of it. it might have saved the world. >> of this is so close to the edge. it really was one of the scariest moments after this. >> they said we didn't notice. honestly, we were teenagers. my god, we wouldn't even be here to talk. >> director oliver stone and peter koznick of the untold history of united states senator nunn on 10:00 p.m. eastern on booktv's "after words." part of fo
after that, congressman john lewis and the work of the civil rights activist in the 1960s. and thomas mann and norm ornstein on their book of partisanship in congress. >> the tension builds in one of the things that happens during that time is that a soviet submarine is found by american ships. and there are charges on a soviet submarine. a knock out the electrical system. the carbon dioxide is rising. people are passing out inside the submarine. they have no communication with the...
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fortunately congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but, if an agreement isn't reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up-or-down vote, one that protects the middle class from an income tax hike, extends the vital lifeline of unemployment insurance to 2 million americans looking for a job, and lays the groundwork for future cooperation on more economic growth and deficit reduction. guys, i can hear you over here. i believe such proposal could pass both houses with bipartisan majorities. as long as those leaders allow it to actually come to a vote. if, members of the house or the senate want to vote no, they can but we
fortunately congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but, if an agreement isn't reached in time between senator reid and senator mcconnell, then i...
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>> i think the president and the congress are right now not serving the people in the best fashion. we need the fiscal cliff resolved right away. this uncertainty causes great harm to the country, and we need very aggressive plans to reformulate our budget so that we don't have to have this uncertainty hanging over us so freakedly. you know, right now, american factories have a 20% price differential with competitors all through the the world. we need our system to be more competitive so we can grow. if we raise taxes on the job creators, on the factory owners, what happens is we'll be less competitive. the 20% will grow. we'll have less factories built here in america. it's very important that washington starts working out deals right away so that the fiscal cliff can be history, and we can focus on building factories, higher people, growing. dagen: well, they are not listening to you, drew. i hate to break it to you. in the interim, your company makes wire baskets and does sheet metal fabrication. based on what you see, how much of your own customers pulled back? have you seen lay
>> i think the president and the congress are right now not serving the people in the best fashion. we need the fiscal cliff resolved right away. this uncertainty causes great harm to the country, and we need very aggressive plans to reformulate our budget so that we don't have to have this uncertainty hanging over us so freakedly. you know, right now, american factories have a 20% price differential with competitors all through the the world. we need our system to be more competitive so...
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and we will be right back gerri: president obama calling on congress to act to avoid the fiscal cliff. the president said he is optimistic. modestly optimistic, that is, that a deal can be done. here is the president. >> i still want to get this done. it's the right thing to do for our families and our businesses and for our entire economy. but for immediate action comedy hour is here. it is now. we are now at the point where in just four days, every american's tax rates are scheduled to go up by law. every american paycheck will get considerably smaller. that would be the wrong thing to do. gerri: no kidding. we have been telling you that for weeks. democrats and republicans alike should rename their parties the procrastination party. that is because like a lot of college freshman, they left their work until the last minute. including the 800 billion-dollar fiscal cliff that we have been talking about. a hundred billion dollars it hasn't happened yet. it's not like the deadline comes as a surprise to anybody at all, the least of all congress. they were the ones who extended the bush
and we will be right back gerri: president obama calling on congress to act to avoid the fiscal cliff. the president said he is optimistic. modestly optimistic, that is, that a deal can be done. here is the president. >> i still want to get this done. it's the right thing to do for our families and our businesses and for our entire economy. but for immediate action comedy hour is here. it is now. we are now at the point where in just four days, every american's tax rates are scheduled to...
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the folks inside the beltway; right? >> it's congress. it's a really bad week and bad month for stocks. this is when we have a santa claus rally, final ten days of the year are supposed to be really stroke. not the case today. you talk about the low of the session. i tracked this. we were down 170 points at the low of the session. i didn't remember seeing it, but we were. hp, a grinch itself, continuing the decline adding to its 46% yearly decline, the biggest loser so far this year i'm learning. >> yeah, it is the biggest loser on the dow, especially today, down today. this on news that the government
the folks inside the beltway; right? >> it's congress. it's a really bad week and bad month for stocks. this is when we have a santa claus rally, final ten days of the year are supposed to be really stroke. not the case today. you talk about the low of the session. i tracked this. we were down 170 points at the low of the session. i didn't remember seeing it, but we were. hp, a grinch itself, continuing the decline adding to its 46% yearly decline, the biggest loser so far this year i'm...
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and you are right, future congresses can change. last year when we had the big debt ceiling fight and the budget control act and everybody was worried about that, we pass add budget control act and set limits on spending, we exceed them all the time. we bring up a point of order and they said we decided we don't care anymore, a year later. so they don't obey their own rules. it's why people are so frustrated with congress is he pass rules on ourselves like we are supposed to read the bills and brent them up and put them on line and we disobey the rules. the majority votes and say we don't care. >> we will hit the debt ceiling soon. two questions. one, would you agree for any reason to raise the debt ceiling, and number two, if we hit the debt ceiling, does this mean the americans will not get their tax refunds when they apply for them in january, february and march or will they be delayed? >> i would raise the debt ceiling under one condition and that would be a balanced budget amendment to the constitution. barring that, people in
and you are right, future congresses can change. last year when we had the big debt ceiling fight and the budget control act and everybody was worried about that, we pass add budget control act and set limits on spending, we exceed them all the time. we bring up a point of order and they said we decided we don't care anymore, a year later. so they don't obey their own rules. it's why people are so frustrated with congress is he pass rules on ourselves like we are supposed to read the bills and...
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fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion at the white house with the leadership in the senate how to prevent tax hike in the middle class. i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agre agreement as we speak. if an agreement isn't reached in time between senator reid and senator mcconnell then i will urge senator reid to bring to the floor a basic package for an up-or-down vote. one that protects the middle class from the income tax hike, extends the vital lifeline of the unemployment insurance to 2 million americans looking for a job. and lays the groundwork for future cooperation, more economic growth. deficit reduction. guys, i can hear you over there. i believe such proposal could pass both houses with bipartisan majorities. as long as the leaders allow it to actually come to a vote. if members of the house or senate want to vote no, they can. let even vote. that is the way t
fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion at the white house with the leadership in the senate how to prevent tax hike in the middle class. i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agre agreement as we speak. if an agreement isn't reached in time between senator reid and senator mcconnell then i will urge senator...
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gregg: that's right. we've been following not only the events on the floor but people stepping before microphones. here is representative jim moran. >> there are going to be voting sunday night and then probably watching the skins-cowboys fame in the cloakroom. then we'll, then we'll be in session on december 31st as well. gregg: what does he mean, we're going to vote sunday night? >> here's what might happen. both parties meet with the president today at the white house. they all say look, here we are on the precipice here. let's come up with something so we stop these tax hikes from happening on january 1st. let's come together and come up with kind of a stopgap deal. in other words, something short term. this is something congress will typically do when both sides are at an impasse. they find a way to get by for a little while longer. buy themselves more time. if they come up with a deal like that, the house is coming back into session on sunday night. it is highly possible they could vote on something
gregg: that's right. we've been following not only the events on the floor but people stepping before microphones. here is representative jim moran. >> there are going to be voting sunday night and then probably watching the skins-cowboys fame in the cloakroom. then we'll, then we'll be in session on december 31st as well. gregg: what does he mean, we're going to vote sunday night? >> here's what might happen. both parties meet with the president today at the white house. they all...
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republicans in congress are in the mid-20s. >> that's right, there's no question about that, tremont. obama has done a much better job of positioning himself to take advantage of the fiscal cliff. he has painted republicans is only caring about their millionaire and billionaire friends. taking hostage the people of america. you have steny hoyer saying that republicans want to take children hostage and threatened to shoot them. this is vilifying republicans and it has been incredibly effective. in the short term, absolutely, the president is set to take advantage of this. tax increases, massive tax reductions to the military. republicans really stand and the notion is appalling about who wins, but the republicans win because the economy is going to go out yet another fiscal cliff. george w. bush is not the president. obama is the president, he is not putting forth proposals to work with republicans. he will have to take ownership of this. they need to come up with a cohesive message about real economic growth and shrinking the size of government. they don't have a message and that is g
republicans in congress are in the mid-20s. >> that's right, there's no question about that, tremont. obama has done a much better job of positioning himself to take advantage of the fiscal cliff. he has painted republicans is only caring about their millionaire and billionaire friends. taking hostage the people of america. you have steny hoyer saying that republicans want to take children hostage and threatened to shoot them. this is vilifying republicans and it has been incredibly...
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you know six months from now we will be right back where we started from. that is the problem. >> laura: we are are almost out of time. but the democratic senate refuses to pass a budget. won't do it. can't do it. the president couldn't get a sing the vote for his own budget. the idea he is going to rush in from vacation and be the caped crusader rescuing us all from fiscal doom is absurd. a razzle dazzle spin move. even matt damon is giving up. >> that is just -- that is the most depress end to a segment i have h heard in my life. >> laura: we are out of time, guys. my goodness. someone has to lead at some point. >> i have my crash helmet on. we are going over the cliff. >> laura: next, a civil war among republicans in congress. will speaker benito survive the revolt? and later, president obama in the next four years. what will his second term mean for you and your family? we wil speaker of the house john boehner failed last week to pass a fiscal cliff pill after pushback from some conservatives. now, speculation that he might be pushed off the political c
you know six months from now we will be right back where we started from. that is the problem. >> laura: we are are almost out of time. but the democratic senate refuses to pass a budget. won't do it. can't do it. the president couldn't get a sing the vote for his own budget. the idea he is going to rush in from vacation and be the caped crusader rescuing us all from fiscal doom is absurd. a razzle dazzle spin move. even matt damon is giving up. >> that is just -- that is the most...
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they were both expected to be all right. that's good to hear. >>> that's it for the headlines. >> kelly: we want to get to something else. in about eight hours from now, the leaders of congress will meet with president obama at the white house. it could be the last shot to avoid going over the so-called fiscal cliff. but is the meeting just for show or could we really truly be close to a deal? doug is live in washington with more details, what are we in for? >> to be a fly on the wall in this meeting. these are the players that will be there today. the president with congressional leaders from both parties to see if they can get something done. it may be substantive, it may be window dressing. >> any time you announce a meeting publicly in washington, it's usually for political theater purposes. nothing good ever comes from it. there is one thing you have to do in politics. if the president meets with a foreign leader, you want to make sure you know what's going to happen at the meeting. when the president calls congressiona
they were both expected to be all right. that's good to hear. >>> that's it for the headlines. >> kelly: we want to get to something else. in about eight hours from now, the leaders of congress will meet with president obama at the white house. it could be the last shot to avoid going over the so-called fiscal cliff. but is the meeting just for show or could we really truly be close to a deal? doug is live in washington with more details, what are we in for? >> to be a fly...
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the american people have a right to be very upset with this congress. >> reporter: the fiscal cliff would bring massive tax increases and deep spending cuts. the treasury department would have trouble paying its bills. many economists worry the financial woes would plunge the u.s. back into a recession. just one possible effect of the fiscal cliff. milk prices could spike $2 or $3 a gallon, because farm programs will expire at the end of the year. some are calling that dairy cliff. live in new york, wendy gillette. >> wendy gillette in new york. thank you. >>> the country has lost one of its great warriors. tributes are pouring in this morning for retired general norman schwarzkopf. the general died yesterday in tampa after a battle with pneumonia. schwarzkopf commanded "operation desert storm" that drove iraqi forces from kuwait. in retirement, he championed causes. norman schwarzkopf was 78. >>> now, to former president george h.w. bush's condition. his chief of staff says he will be in the hospital for a while. the 41st president is recovering from a terrible case of bronchitis with a
the american people have a right to be very upset with this congress. >> reporter: the fiscal cliff would bring massive tax increases and deep spending cuts. the treasury department would have trouble paying its bills. many economists worry the financial woes would plunge the u.s. back into a recession. just one possible effect of the fiscal cliff. milk prices could spike $2 or $3 a gallon, because farm programs will expire at the end of the year. some are calling that dairy cliff. live...
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people have a right to be very upset with this congress. >> reporter: the fiscal cliff would bring massive tax increases and deep spending cuts. treasury department would have trouble paying its bills. many worry the financial woes would plunge the u.s. back into a recession. within possible effect of the fiscal cliff/fro, -- milk prices could spike two or three dollars a gallon because farm -- some are calling that dairy cliff. >>> 6:17. mike here tracking light rain.i. l >> i'd like to. >> here's mike with the weather. >>> thank you, hope you are having a great friday morning dry sky over san francisco from the east to sutro tower. light rain showing up off the sonoma county coast,oo8Ñ let's zoom down and show you highway 1 from to inverness looks like it is raining but not reaching the ground. sprinkles possible during the as air mass start to moisten under this flow from the west. best chance of light rain around noon and later this afternoon. until then, chilly, dress for temperatures in the 30s everywhere, except fremont, 41, oakland if you are san francisco 44, monterey bay, everyb
people have a right to be very upset with this congress. >> reporter: the fiscal cliff would bring massive tax increases and deep spending cuts. treasury department would have trouble paying its bills. many worry the financial woes would plunge the u.s. back into a recession. within possible effect of the fiscal cliff/fro, -- milk prices could spike two or three dollars a gallon because farm -- some are calling that dairy cliff. >>> 6:17. mike here tracking light rain.i. l...
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american people have a right to be very upset with this congress. >> reporter: the fiscal cliff would bring massive increases and deep spending cuts treasury department would have treble paying its bills. many -- many worry it would plunge the u.s. back into a recession. one possible effect of the fiscal cliff, milk prices could spike two or three dollars a gallon because farm programs will expire the end of the year. some are calling that dairy cliff. wendy gillette, abc news, new york. >>> mike jing us with a look at the -- mike joining us with a look at the forecast, more rain on the way? >>> in due time we'll get light rain not this morning high clouds to the east from sutro tower in san francisco where dry now live doppler 7 hd spinning tracking the showers, the rain i should say as it is developing over the ocean water right now let's see how far that is, 41 miles from santa rosa, 51 from san francisco, under the returns, very dry air, sprinkles at best lieu the 30s, just updated these the entire peninsula, upper 30s only 40s left, half moon bay 41, oakland 42, san francisco 44.
american people have a right to be very upset with this congress. >> reporter: the fiscal cliff would bring massive increases and deep spending cuts treasury department would have treble paying its bills. many -- many worry it would plunge the u.s. back into a recession. one possible effect of the fiscal cliff, milk prices could spike two or three dollars a gallon because farm programs will expire the end of the year. some are calling that dairy cliff. wendy gillette, abc news, new york....
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. >> if they're supposed to be public servants and we can't get a compromise and some is with the right ideology. >> it seems like you're not being represented. you have interest that are overriding the people's concerns and i think that's an example of what happens in congress. >> the tax policy centers say the lowest income folks will see their take home paycheck shrink by 3.5% and average 4% and top earn ers about 6% but that says nothing of lost deductions or other unknowns such as recession driven pay cuts and decreased economic decrease. americans on unemployed benefits, they get cut off january 1st. tom, ktu channel 2 news >>> americans are buying new homes. the commerce department said the homes are 4% this month. that's the strongest rate when a temperature home buyers tax credit boosted sales. with rising sales, available homes have dropped. it's 149,000s are on the market. >> the county fire protection announced meeting times affected by next month's closure of 4 fire stations. the fire chief and board members will be at each meeting to take questions and discuss the affects
. >> if they're supposed to be public servants and we can't get a compromise and some is with the right ideology. >> it seems like you're not being represented. you have interest that are overriding the people's concerns and i think that's an example of what happens in congress. >> the tax policy centers say the lowest income folks will see their take home paycheck shrink by 3.5% and average 4% and top earn ers about 6% but that says nothing of lost deductions or other...
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. >> the american people have a right to be very upset with this congress. >> president obama has invited nancy pelosi, john boehner, mitch mcconnell, and harry reid to the white house this afternoon for a fiscal cliff summit. >> here we are five days from the new year, and we might finally start talking. >> today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chamber of commerce. >> i don't know time wise how it can happen now. >> under senate rules, the only way a bill could make its way through the procedural hurdles in time is if every senator agrees not to. they'll have 24 hours. outside the beltway, carlino will be watching. >> everyone is kind of in a wait-and-see and fingers-crossed per expect tichb right now. >> since 1930 this is only the fifth time congress has worked after christmas. and today's summit is the first time president obama has met face to face with congressional leaders since mid-november. duarte, tick tock. >> thank you. >>> general schwarzkopf is being remembered this m
. >> the american people have a right to be very upset with this congress. >> president obama has invited nancy pelosi, john boehner, mitch mcconnell, and harry reid to the white house this afternoon for a fiscal cliff summit. >> here we are five days from the new year, and we might finally start talking. >> today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chamber of...
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carlino will be watching. >> everybody's kind of in a wait-and-see and fingers crossed perspective right now. >> reporter: since 1930, this is only the fifth time congress has worked after christmas. tara mergener for cbs news, washington. >>> it is nearly 4:40 now. secretary of state hillary clinton plans to return to work next week after a three-week absence from the hill. she has been recovering from that concussion from when she fainted while fighting a stomach virus. a spokesman says she is looking forward to resuming her schedule. on the schedule, testifying before congress about the deadly attack on the u.s. consulate in libya this past september. >>> time now 4:40. still ahead, the nation bids farewell to "stormin' norman." >> struggling libraries. a bright knew chapter on the horizon, how someone else's struggle could provide a chance to turn the page. >> plus it's possibly the most magnificent bay area home no one has ever lived in. we'll take you inside to see what $25 million can buy. ,, ,,,,,,,,,,,, morning.. general "stormin" norman schwarzkopf.. the retired general died of
carlino will be watching. >> everybody's kind of in a wait-and-see and fingers crossed perspective right now. >> reporter: since 1930, this is only the fifth time congress has worked after christmas. tara mergener for cbs news, washington. >>> it is nearly 4:40 now. secretary of state hillary clinton plans to return to work next week after a three-week absence from the hill. she has been recovering from that concussion from when she fainted while fighting a stomach virus. a...
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carlino will be watching. >> everybody's kind of in a wait-and-see and fingers crossed perspective right now. >> reporter: since 1930, this is only the fifth time congress has worked after christmas. tara mergener for cbs news, washington. >>> today's meeting will be the first time president obama and all four leaders of the house and senate have met in person since november 16. >> time to get it done. >>> secretary of state hillary clinton will be back to work next week after three weeks off after a concussion she suffered when she fainted fighting a stomach virus. she is looking forward to resume her schedule, including testifying before congress about the deadly attack on the u.s. consulate in libya last september. >>> retired general known as "stormin' norman" has passed away. norman schwartzkopf died of complications from pneumonia yesterday in his home in florida. he was raised in the army and spent his life in fact military of. while in vietnam he famously rescued a wounded soldier by marking land mines with shaving cream. of course later he commanded the american led coalition in
carlino will be watching. >> everybody's kind of in a wait-and-see and fingers crossed perspective right now. >> reporter: since 1930, this is only the fifth time congress has worked after christmas. tara mergener for cbs news, washington. >>> today's meeting will be the first time president obama and all four leaders of the house and senate have met in person since november 16. >> time to get it done. >>> secretary of state hillary clinton will be back to...
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there is no indication right now heading into january that congress and the president are more prepared to deal with the grander scheme here as opposed to something smaller. >> maggie what about the notion that a lot of people at this point might want to punt on this, and that is republicans in congress specifically then can say in january, if they pass a new bill that they cut taxes technically speaking. is there something to that notion? >> there is, my colleague john allen wrote about that for both sides. it's true for the president as well. he will be able to get the taxes on higher earners, tax increases that he's expecting to get. i think there's something for both sides here. i think it is worse for republicans in the longer term if we don't have a deal but i don't think this is going to look great for anybody short term. >> it's the illusion of progress. >> it's the illusion of progress, but you know look if we don't have a deal we are opening markets that are going to be in a bit of turmoil next week. that is what voters are going to see. they're not going to look at a balance
there is no indication right now heading into january that congress and the president are more prepared to deal with the grander scheme here as opposed to something smaller. >> maggie what about the notion that a lot of people at this point might want to punt on this, and that is republicans in congress specifically then can say in january, if they pass a new bill that they cut taxes technically speaking. is there something to that notion? >> there is, my colleague john allen wrote...
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now, neither markets nor the congress care about that. >> reporter: congress has never been terrific at long-range planning, but now the definition of long range seems to be 48 hours. >> you don't hear people talking, well a year from now, we really need to be here. you hear, well we need to do that this week. we need to do that day after tomorrow. this short-time frame horizon is new and i think people who think we are going to have tax reform and entitlement reform next year are way, way off base. >> cutting short his vacation but it's unclear whether he has the power to force a last minute solution through a deeply divided congress. >> darren gersh. >> so, joe, how bad could that be? >> i had, susie. unfortunately, the economy has been gaining momentum, if you look at the labor market as well as housing making progress. but if we would see a fall from the fiscal cliff, it's not in our own estimates that those in the congressional budget office would be enough to impart a recession in the first half of 2013. i think still there's a 51% chance, if you ask me, that we avert the cliff
now, neither markets nor the congress care about that. >> reporter: congress has never been terrific at long-range planning, but now the definition of long range seems to be 48 hours. >> you don't hear people talking, well a year from now, we really need to be here. you hear, well we need to do that this week. we need to do that day after tomorrow. this short-time frame horizon is new and i think people who think we are going to have tax reform and entitlement reform next year are...
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looking busy, that's all that is happening right now? >> i think that it was a chance, on january 3rd, he has the votes from the republican congress, land there is no reason to think doesn't, then will be re-elected to peaker of the house. but if 17 republicans and we know there are more than that number of rebels, iconoclasts in that esteemed body o decide to not vote then john boehner will leave it in limb above. but i think once he is re-elected as speaker on the 3rd of january w a new congress, first of all there are more democrats in congress, both in the house and senate. and in a strange way, speaker boehner's position is strengthened internally but he has to face a terrible moment of truth. and that is now they're pushing the senate to act first. and if the senate passes anything, it comes to the house and the likelihood of what comes out of the senate, or even in way of agreement, is something that will not get a majority of republica republican-- republicans. >> brown: you go you are jumping to next week. the meeting today, i'm
looking busy, that's all that is happening right now? >> i think that it was a chance, on january 3rd, he has the votes from the republican congress, land there is no reason to think doesn't, then will be re-elected to peaker of the house. but if 17 republicans and we know there are more than that number of rebels, iconoclasts in that esteemed body o decide to not vote then john boehner will leave it in limb above. but i think once he is re-elected as speaker on the 3rd of january w a new...
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the president right now, his role is knee deep, margaret. there have been other iterations of debt talks, supercommittee, where you saw the president try to really keep arm's length from a dysfunctional congress. the congress -- the democratic house and the republican senate have proved that they don't have any common ground on taxes. there's nothing that one side can agree to that the other side will agree to. that's the president's role here having run on tax increases for people making $250,000 and above, not to mention all that entitlement talk. he ran on it and he won. he'll have to fight this out next year for sure. he would like to get some of the math off of the table here if he can. >> warner: are there schools of thought in both parties that each may think he's going to be in the stronger position after going over the cliff? >> certainly. "people" on both sides who think that. liberal democrats in particular say this republican orthodoxy, no tax increases at all, remember, those bush tax rates expire on new year's eve and they say
the president right now, his role is knee deep, margaret. there have been other iterations of debt talks, supercommittee, where you saw the president try to really keep arm's length from a dysfunctional congress. the congress -- the democratic house and the republican senate have proved that they don't have any common ground on taxes. there's nothing that one side can agree to that the other side will agree to. that's the president's role here having run on tax increases for people making...